LIC sells about 2 per cent stake in Tata Communications

State-owned Life Insurance Corporation (LIC) brought down its stake in Tata Communications by about 2.03 per cent in the company through open market transaction.

LIC sold 57.70 lakh shares over a period of five months, Tata Communication said in a filing to the BSE.

At the current market price, LIC would have raised Rs 267.09 crore by selling its 2.03 per cent stake in the company.

LIC, which had 7.28 per cent stake earlier, brought down its shareholding in the company to 5.26 per cent by selling shares between November 20, 2014, and April 10, 2015,

Shares of Tata Communications closed at Rs 462.90 apiece on BSE, up 2.67 per cent from previous close.